Current Trends in the Global Veneer Sheets Market: Some Key Questions
The veneer sheets market is expected to show growth in the following years owing to the increase in demand by various industries. Veneer sheets have multiple uses which make them popular among customers worldwide. This smooth and durable wood grain is used for building musical instruments and cabinets for various applications. The global veneer sheet market is projected to exhibit a 2.3% CAGR by 2031.
What is the current market potential of the global veneer sheets market?
The veneer sheets are widely used for home décor and furniture renewal purposes. They provide a new aesthetic to the furniture to make it modern and beautiful. The recent years have witnessed a rapid rise in the demand for veneer sheets by these industries due to the increase in building and development initiatives. The veneer sheets are used to make ceilings, furniture, cabinets and walls. This will be the key driver for the global veneer sheets market in the forecasted period.
What is the impact of the sustainability factor of the veneer sheets?
The eco-friendly veneer sheets are easily disposed of and do not require any separate waste management systems. They can be recycled and converted to wood wastes which are used for further production purposes. This makes the veneer sheets sustainable and cost-efficient as well which attracts the business owners to invest more in the veneer sheets market. The rise in demand by industries due to the eco-friendly nature of the veneer sheets will cause the growth and development of the global veneer sheets market.
What are the challenges faced by the global veneer sheets market?
The veneer sheets industry is regulated by the government and several government-appointed authorities. They have strict rules and guidelines to keep a check on the veneer sheets market. There are several requirements to be fulfilled by the manufacturers before starting operation and using veneer sheets. The industry is required to create wood products without releasing harmful emissions into the environment. The National Emission Standard for Hazardous Air Pollutants (NESHAP) has mandated some standard regulations that every producer needs to comply with. These requirements get tedious at times and discourage the entry of new players into the market. These are some of the major challenges faced by the veneer sheets market.
What is the market share of wood-backed veneer sheets?
The wood-backed segment of veneer sheets continues to account for one-third share of the market in terms of revenue and product. The market for wood-backed is expected to grow in the forecasted period owing to the rise in demand by industries for various manufacture and design purposes. The segment is projected to hold approx. 32% of the total market share in terms of product type by the end of 2031. The rise in the wood-backed segment is mainly due to the easy availability of resources which make them suitable for manufacture and design over a number of applications.
Which sector holds the highest share in the veneer sheets market?
The residential sector accounts for 65% of the total share in the global veneer sheets market during the forecasted period. The boost in this segment of the market is due to the rise in building and construction of new houses and refurbishing and renovating old buildings. There has been an increase in the demand for veneer sheets as they help to design modular equipment and latest furniture work. The manufacturers are adopting the veneer sheets owing to their economic benefits and creative design possibilities.
What is the current market landscape for the global veneer sheets market?
The key players are considering the rise in demand for veneer sheets by various industries to be the major driving factor for the market in the forecasted period. The major companies are focusing on innovation and research and development (R&D) to create durable and better products and attain a competitive edge over other big players.
Some of the major companies in the global veneer sheets market include Greenlam Industries Ltd., Sauers & Company Veneers, Oakwood Veneer Company, Veneer Technologies Inc, FormWood Industries Inc., Turakhia Overseas Pvt. Ltd., Cedan Industries, Century Ply Ltd, Herzog Veneers, Inc. Ltd, SR Wood Ltd, Pearlman Veneers and Flexible Materials Incorporated. They are contributing to the growth and development of the market in the following years.
The global veneer sheets market is projected to exhibit growth in the coming years owing to the rise in demand and usage by manufacturers for building and construction purposes. The veneers sheets are durable, smooth and provide creative designs for the woodworks. They are used for building cabinets, musical instruments and panels. The negative impact of COVID-19 pandemic on the industry is expected to be recovered in the forecasted period along with further growth of the market. The major companies in the veneer sheets market are focussing on product innovation and research to gain a competitive edge over the other key players.